Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 14

Portability of accrued benefits

(1) A member of an employer sponsored scheme who ceases to be an employee of
an employer who is participating in the scheme must, in accordance with
the regulations, elect to have the member's accrued  benefits transferred to
another registered scheme. This subsection does not apply if the member
exercises an entitlement to have the member's accrued benefits paid in
accordance with section 15 or regulations made for the purposes of that
section.

(2) Subject to subsection (1), and in accordance with the  regulations, the
accrued benefits of a member of a registered scheme may be transferred-

   (a)  to another registered scheme to which the member is eligible to
        belong; or

   (b)  to another account within the same registered scheme, but only in a
        circumstance permitted or required by the regulations.

(3) If the accrued benefits of a member of a registered scheme are to be
transferred under this section-

   (a)  the approved trustee of the scheme; and

   (b)  where those benefits are to be transferred to another
        registered scheme, the approved trustee of that other scheme, must
        comply with such requirements with respect to the transfer of those
        benefits as are prescribed by the regulations for the purposes of this
        subsection.

(4) If a member of a registered scheme whose accrued benefits are to be
transferred under this section-

   (a)  ceases to be an employee of an employer; or

   (b)  becomes an employee of an employer; or

   (c)  does both of those things, the employer or employers must comply with
        such requirements with respect to the transfer of those benefits as
        are prescribed by the regulations for the purposes of this subsection.

(5) The regulations may-

   (a)  include requirements as to-

        (i)    the notices that are to be given; and

        (ii)   the procedure that is to be followed, in connection with the
               transfer of accrued benefits in accordance with this section;
               and

   (b)  prescribe the procedure to be followed if a scheme member who is a
        relevant employee fails to comply with subsection (1). (Replaced 4 of
        1998 s. 2)